SteelOrbis has been informed that Turkish rebar export prices have remained unchanged over the past week in the range of $440-450/mt FOB, as expectations of a fall in scrap prices at the end of March and continuing into April have changed. With the attention of market players focused on the SteelOrbis 2015 Spring Conference & 72nd IREPAS Meeting in Paris, Turkish rebar export activity has been on the quiet side this week.
Ex-Turkey deals have been heard in Egypt, Iraq and in various regions of Africa, while no new deals have been heard in the UAE, the US and Yemeni markets where sales of large tonnages are possible. The military conflict in Yemen has escalated after the bombings in the country carried by Saudi Arabia. Under these circumstances, import activities in the country have almost come to a halt. Meanwhile, UAE-based steel producer Emirates Steel Industries (ESI) has reduced its April production prices, putting additional pressure on Turkish producers. Turkish producers' latest sales to the UAE were concluded last week at $442/mt CFR on theoretical weight basis, while this week they are finding it difficult to push these price levels in the UAE market.